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African Development Bank |
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At the Monrovian Conference in 1961 the African Presidents and leaders came out with the idea of establishing a regional multilateral development Bank for promoting economic and social growth of Africa and other regional countries. Thus African Development Bank was established in 1964 under the umbrella of Economic Commission for the purpose of providing financial assistance to economic and social development in Africa. The headquarters of African Development Bank is in Abidjan, Cote d’Ivoire.
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The African Development Bank, the African Development Fund and the Nigeria Trust Fund together form the African Development Bank. The African Development Bank has 77 members out of which 53 are African countries and 24 American, European and Asian countries. Mr. Donald Kaberuka is the present president of the African Development Bank.
The main aim of the African Development Bank is to combat poverty and alleviate the standard of living of the people of Africa. In order to achieve this it feels that resources are to be mobilized to the right direction for a speedy economic and social development. The bank provides loans, equity investments and technical assistance to achieve this purpose. The African Development Bank performs 4 major functions:
- Provide loans and equity investments
- Provide technical assistance
- Promote investment of public and private capital and
- Coordinate developmental plans and policies
All these functions are directed to one goal- economic and social developments of the member countries with special attention towards regional integration.
The African Development Bank pays high attention to the HIV/AIDS with emphasis on prevention and control of sexually transmitted diseases aimed at securing Africa’ future. It also provides technical support and infrastructural support by establishing laboratories, blood transfusion facilities and supplying drugs. In order to fight against AIDS and HIV the bank has already spent over $500 million.
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